Oil prices rise after Libyan outage

BY  | FROM  | 2018-02-25 15:45

Oil prices surged on Friday after the shutdown of a key oilfield in Libya.

Crude rallied over 1.2 percent on Friday following the shutdown of the El Feel oilfield in Libya, which produces 70,000 barrels per day of crude, according to Reuters.

The market was also supported by remarks from Saudi Arabia's energy minister Khalid al-Falih, who said on Friday that oil markets are "rebalancing" and that he expected stockpiles to continue declining later this year.

The West Texas Intermediate for April delivery was up 0.78 U.S. dollar to settle at 63.55 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery added 0.92 dollar to close at 67.31 dollars a barrel on the London ICE Futures Exchange.

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